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Employees produce medical masks at Madaran Medical Manufacturing Company in Robat Karim district of Tehran, Iran. Photo: Fatemeh Bahrami/Anadolu Agency via Getty Images

The COVID-19 outbreak has caused supply chain disruptions for nearly three-quarters of U.S. companies, and many are already pricing in revenue losses this year as a result, according to a special ISM survey.

What's happening: Data show global production out of China fell to an all-time low last month, with freight and shipping slowing dramatically as the virus has shuttered factories and container ports.

  • Quarantined workers and shortages of components have further crimped the availability of goods from China, which is the world's hub for manufacturing.

The intrigue: Of the companies surveyed that expect supply chain impacts (80% said yes), most expect the severity of the disruptions will increase after the first quarter of this year.

Why it matters: The virus' impact has not yet been quantified, but the survey from the Institute for Supply Management — the first of its kind — shows just how widespread its impacts have already been for American businesses.

  • “The story the data tells is that companies are faced with a lengthy recovery to normal operations in the wake of the virus outbreak,” ISM CEO Thomas W. Derry said in a statement.
  • “For a majority of U.S. businesses, lead times have doubled, and that shortage is compounded by the shortage of air and ocean freight options to move product to the United States -- even if they can get orders filled.”

Details: ISM's business contacts, of which 81% are firms with revenues of less than $10 billion, reported a laundry list of disruptions that have already resulted from the outbreak.

  • Manufacturers in China report operating at 50% capacity with 56% of normal staff.
  • More than 44% of respondents said they did not have a plan in place to address supply disruption from China.
  • Six in 10 (62%) respondents are experiencing delays in receiving orders from China.
  • More than half (53%) are having difficulty getting supply chain information from China.
  • Nearly one-half are experiencing delays moving goods within China (48%).
  • Almost one-half (46%) report delays loading goods at Chinese ports.

Of note: The survey was conducted between Feb. 22 and March 5 among 628 respondents that largely represent U.S. organizations.

Go deeper

7 mins ago - Health

First U.S. case of the Omicron variant identified in California

PhotoL Chip Somodevilla/Getty Images

The first U.S. case of the Omicron variant was detected in California, the Centers for Disease Control and Prevention confirmed Wednesday.

Driving the news: The confirmed case was detected in a traveler returning from South Africa who was fully vaccinated and has mild symptoms, the CDC says.

Supreme Court appears likely to roll back abortion rights

Abortion rights advocates and anti-abortion protesters demonstrate in front of the Supreme Court in Washington, D.C., on Dec. 1. Photo: Olivier Douliery/AFP via Getty Images

The Supreme Court on Wednesday seemed likely to weaken abortion rights and perhaps to let states ban the procedure altogether.

The intrigue: The court seemed likely to throw out the framework established in Roe v. Wade, but it wasn't clear whether a majority of the justices were inclined to overturn the court's precedents entirely.

Felix Salmon, author of Capital
Updated 1 hour ago - Economy & Business

How to meme a painting

Illustration: Megan Robinson/Axios

How can a physical artwork become an NFT? One new company has just spent $12.9 million on a Banksy in an attempt to try out a new way of converting the real into the virtual.

Why it matters: The art market globally sees volume of about $60 billion per year, almost all of which is trade in physical objects. Art-world insiders including former Christie's c0-chair Loïc Gouzer are on the lookout for ways to monetize physical paintings without necessarily giving up physical ownership of them.